Citizens' Issues
Sink or swim, return investors' money, SC tells Supertech
In an unambiguous message, the Supreme Court on Tuesday told real estate giant Supertech to return flat buyers' money, brushing aside its plea of financial constraints and the prospects of its sinking.
 
"Either you sink or die, we are not concerned. You will have to pay back the money to home buyers. We are least bothered about the financial status," the bench of Justice Dipak Misra and Justice Adarsh Kumar Goel told the firm.
 
The court's stern message came as senior counsel Rajeev Dhavan, appearing for it, told the bench that the builder did not have funds as money invested by the flat buyers has been spent in the construction of the building towers. He tried to draw a distinction with another real estate giant Unitech saying that later did not have a building whereas Supertech had them.
 
Telling the court that it could not act as a banker, Dhavan said that not all the flat buyers were against the real estate builder, pointing out that some of them have filed the plea challenging the Allahabad High Court's 2014 order directing demolition of two building towers.
 
The Allahabad High Court had on April 11, 2014 ordered the demolition, coupled with direction that flat buyers money should be returned with 14 per cent interest in three months' time.
 
The top court had on May 5, 2014, ordered status quo thereby putting on hold the demolition.
 
The bench was Tuesday informed that of 628 flat buyers, 274 have sought alternate arrangements, 74 have sought re-investment and 108 have sought refund of their money.
 
Directing the Supertech to return 17 flat buyers money in four weeks' time, the bench asked PSU National Building Construction Corporation to submit its inspection report by October 25.
 
The top court had on July 27 asked the NBCC to examine whether the distance between two disputed 40-storey buildings towers at Supertech's Emerald Court Complex in Greater Noida was in accordance with building regulations.
 
The court had on July 19 ordered the realty major to deposited Rs 5 crore with the court's registry, which it has complied with. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  

 

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COMMENTS

k.mohanarangam k.mohanarangam

6 months ago

thanks moneylife for the information with a request to
apprise ofrany legal position
with regard to m/s.Unitech ltd.

Growth Idea Lab

6 months ago

i think any solution which allows resolution shall be welcomed.as we are in complex situation with legacy,findind solution may not be easy.but rbi is giving enough indications to correct the situation

as i am representing msme,because our loan/unit is small and the mass is absolutely heterogineus it is not possible to give better solution then guidelines given by rbi in march.but to my knowldge no bank has implemented at branch levels.banks are not taking rbi seriously.apart from correption,cvc,cbi is also worriing branch people so the matter do not get reloved

Shyamsunder Nambiar

6 months ago

Salutations ,Kudos to the Judges of The Supreme Court for this courageous and Bold decision. Respected Supreme Court Judges - You are the Only Hope for the Citizens of India. The Respected judges have put the Fear of Law into these unscrupulous Builders who till now were thinking that India is a lawless country... thanks to the Thareek pe Thareek adjournments which go for years and decades...Prevention is better than Cure for this country wide spread disease - called cheating the innocent and gullible Home Buyers of their hard earned money by the Unscrupulous Builders. We need an urgent and important judgment from the Supreme Court to immediately stop Builders from selling Flats in under construction projects. Builders who have sold Flats and not given possession for more than 5 yrs should be made to refund the money paid plus compensation equivalent to an amount to enable the cheated Customers to buy a ready to move-in house in the same area.While there are few Good Developers who care for customers, there are Hundreds of Builders (some erstwhile big names who now have a sullied reputation, included) who are openly cheating gullible and innocents customers. As the recent judgments from the Supreme Courts to the High Courts and Consumers Courts are now increasingly realizing the plights of the sufferings of Home Buyers and have become the saviors of the common man.The Bitter truth is that the Builders have taken money from Customers and instead of using that money for constructing the Flats the purpose for which customers have paid, they have diverted that money- partly to purchase other properties, partly to their personal accounts to fund their lavish lifestyle, as the Mumbai High Court mentioned...partly siphoned out funds.. and is left with nothing to pay the contractors and the suppliers to construct the Customer's Flat. The lame excuse given to customers is that the Govt does not give approvals. The Big question then is why did you sell making false promises and you still continue to sell. When they have not delivered to Customers who have booked 5 yrs or even more than 10 years back, it is so obvious that some of these unscrupulous Builders are indulging in a criminal act of Conspiracy to Cheat the gullible customers and are Wealth Stealers. Charge them under Section 420 of the Indian Penal Code. Put them in Jail, behind the bars like the Supreme Court did with the Sahara Chief. All the Customers money that was siphoned out of the company into personal accounts will come back from wherever it is stored. The Courts should not accept this fraudulent statements - that the Builders cannot refund the Customers own hard earned money. Don't underestimate the Indian Judiciary. Don't underestimate our Esteemed Supreme Court. Respect the Customers who provide the next meal to you and your family. Learn to be Grateful to Customers. Customer is the King. Customer is God. GOD BLESS ALL OF US ..INCLUDING THE UNSCRUPULOUS BUILDERS. GET WELL SOON

Param

6 months ago

maybe they can get the money back from the govt officials they bribed to create this mess in the first place...

Court tells Britannia to change packaging style for new biscuit
The Delhi High Court on Tuesday directed Britannia Industries Ltd to stop using the current packaging style for its "Nutri Choice Digestive Zero" biscuits and phase out the existing stocks in four weeks on the complaint of rival ITC Ltd.
 
Justice S. Muralidhar, in an interim order, said: "A market leader like Britannia can certainly eat into the market share of a relatively smaller player like ITC in the biscuit trade by adopting a deceptive variant of the latter's get up and trade dress but the converse may not be true."
 
ITC alleged the Britannia's style and packaging for the biscuit was "deceptively" similar to its "Sunfeast Farmlite Digestive - All Good" biscuits launched in February 2016, while Britannia came out its product. Both brand of biscuits are currently sold in a blue and yellow packaging.
 
In its order, the court, however, said Britannia can adopt any packaging which is distinctively different from the packaging that is currently used by ITC, which claimed that Britannia's packaging for the biscuit is an imitation of its packaging for its product and when placed next to each other, they are indistinguishable to the unwary customer.
 
"The new entrant with a product that enjoys a growing popularity might require protection," said the court.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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Companies see 5G technology as game changer: Report
Next generation 5G mobile technology is seen as an innovation engine by executives in key industries, a report by Swedish communication technology firm Ericsson said on Tuesday.
 
Ericsson's report captured the opinions of more than 650 executives globally from the eight key industries most likely to be impacted by 5G -- automotive, utilities, public safety, high-tech manufacturing, Internet/digital natives, healthcare, financial services and media/ gaming.
 
A majority of these decision-makers depend on and actively invest in communications technology to help drive innovation, noted the report titled "Opportunities in 5G: The view from eight industries".
 
"With 5G, industries will have connectivity that is customised for their requirements and the agility to move quickly to meet customer needs and be innovative," said Rima Qureshi, Chief Strategy Officer, Ericsson in a statement. 
 
The connected car is the major trend in the auto industry. While many are looking ahead to self-driving systems, enhanced GPS with instant traffic and map updates is the most favoured use for 5G globally.
 
Public safety organisations expect 5G technology and the Internet of Things (IoT) to help keep citizens safe.
 
The financial services industry expects 5G to boost real-time mobile trading and high frequency trading. 
 
Media and gaming executives place the highest priority on delighting their audiences and holding their attention. 
 
A significant majority highlighted live personal 360 view broadcasting and fixed wireless broadband as additional developments expected from 5G.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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